Ironveld
Plc
("Ironveld" or the "Company")
Receipt
of Non-Binding Term Sheet
and
Board Change
Ironveld plc ("Ironveld" or the "Company"), the
AIM quoted mining development company, is pleased to provide an
update on the direct institutional funding transaction which the
Company has been progressing. The Company is in receipt of a
non-binding term sheet (the "Term Sheet") from a South African based financial institution, regarding
the asset level financing of mining and smelting activities at the
Company's High Purity Iron, Vanadium and Titanium project located
on the Northern Limb of the Bushveld Complex in Limpopo Province,
and Rustenburg, South Africa (the "Project").
The funding would enable Ironveld to
invest in all Group operations, including the transition to
production of high purity iron powders. The transaction is subject
to further due diligence, and there is no certainty that a
transaction will be concluded. The Term Sheet is confidential and
no further information can be provided at this time.
Alongside Ironveld's discussions on
the Term Sheet, the Board is assessing the Company's funding
requirements until a transaction can be completed.
Further updates will be notified in
due course.
Board Change
The Company also announces that
Chief Executive Officer, Martin Eales, has stepped down from the
Board with immediate effect. Dr. John Wardle, Executive Chairman,
will take over Mr. Eales' duties on an interim basis.
Dr
John Wardle, Executive Chairman of Ironveld, said:
"We are
delighted to report that the Company has received a Term Sheet from
a South African based financial institution in order to support the
financing of mining and smelting activities at the Project. It is a
wide-ranging proposal which aims to provide full financing to all
planned activities through to sustained production of high value
products including Powdered High Purity Iron. This is an exciting
development for the Company, and we look forward to updating
shareholders on the details of the Term Sheet at the appropriate
time.
"In the interim I will assume Mr. Eales' duties as we begin
the process to appoint a new CEO to lead the Company in what we
expect to be a challenging and exciting new phase of
growth."
For
further information, please contact:
|
Ironveld plc
Dr John Wardle, Executive
Chairman
|
|
c/o BlytheRay
+44 20 7138 3204
|
|
Cavendish Capital Markets Ltd (Nomad and Joint
Broker)
Derrick Lee / Adam Rae
|
|
+44 20 7220 0500
|
|
Turner Pope (Joint Broker)
Andrew Thacker/James Pope
|
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+44 20 3657 0050
|
|
BlytheRay
Tim Blythe / Megan Ray
|
|
+44 20 7138 3204
|
NOTES TO
EDITORS
Ironveld (IRON.LN) is the owner of Mining
Rights over approximately 28 kilometres of outcropping Bushveld
magnetite with a SAMREC compliant ore resource of some 56 million
tons of ore grading 1.12% V2O5, 68.6% Fe2O3 and 14.7%
TiO2.
In 2022, Ironveld agreed to acquire and
refurbish a smelter facility in Rustenburg, South Africa, in which
it can process its magnetite ore into the marketable products of
high purity iron, titanium slag and vanadium slag. This transaction
became unconditional in March 2023.
Ironveld is an AIM traded company. For further
information on Ironveld please refer to www.ironveld.com.